Niyo SBM International Money Transfer

@ashrithjain Does atm withdrawal limit of 1 lac/transaction apply on international ATM withdrawal as well ?

Hey @goneo ! Yes, it does.

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Yes the atm withdrawal limit is same for International Atm transaction

Ok @ashrithjain and @Sachin . In that case @L_S won’t be able to withdraw 200000 in one go. So his GST will get doubled.

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Hey @goneo , you’re 100% correct.

Yes, You are right @goneo

Sure thanks a lot :blush: for your help

Hey @L_S ! Hope you were able to see the new balance reflected in the app.

Happy :niyo_community:iyo Banking,
Ashrith

Hello! I had another query can we add a Canadian bank as payee in niyo app and can we transfer our funds to the bank account directly from our niyo account? If so what are the charges?

Hey @L_S ! The feature you’re asking for is ‘Outward Remittance’. Unfortunately, you cannot perform outward remittance as of now. However, stay noted that it’s in our pipeline.

Sure so the only way I can do is by withdrawing cash from atm and deposit

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Hey @L_S Yes, that’d be ideal for now.

Can i i withdraw 2000 CAD $ in Vancouver in single shot?
What if withdraw 1k-2k CAD How much aquiring bank’s charge i have to pay?
How can i know how much they will charge?I have account with Socita Bank. CIBC and ICICI is also there. Which bank’s ATM is good for lower withdrawal charges?

i already paid my GIC amount around 6.5 Lakh from BOB, India, I read somewhere if it cross 7 lakh i have to pay 5% TCS.
So Now If i withdraw more thank 50k in CANADA, I have to pay 5% TCS!?

Hey @Ashish_Sinojia ! We cannot predict the charges levied by acquiring bank. But do note that you’ll be charged Rs. 118/txn (Incl. GST) from Niyo.

You can withdraw any amount of max converting upto INR 1,00,000. So, in terms of CAD, you can withdraw upto CAD 1,710 (As of 29th Sept. 2021) in a single shot.

Coming to TCS,

[Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. This is applicable for international ATM, ECOM and POS transactions. In a given financial year, when your international transactions exceed ₹7 lakh, a fee of 5% is charged for the incremental amount exceeding ₹7 lakh. For multiple international transactions made in a day, TCS is deducted only once a day at the end of day for the cumulative international transactions.]

As you’ve already said that you’ve used INR 6,50,000, now, for another INR 50,000 , you won’t be charged anything. But since in this case scenario, you’re trying to withdraw funds upto CAD 1710 (~INR 1,00,000), you’ll be charged 5% of TCS on the remaining INR 50,000 i.e INR 2500.

Hope this helps! If you do have any other concerns, feel free to reach out to us again!

Cheers,

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